Vietnam animal feed additives market is expected
to reach USD 160.5 million by 2022, according to a new study by Grand View
Research, Inc. Increasing per capita meat consumption is expected to be major
factor driving Vietnam animal feed additives market over the next seven years.
With increasing meat consumption, domestic market for animal feed has been
experiencing significant growth since the last few years. Increasing
requirements for high quality feed from animal farmers is expected to drive
demand for feed additives such as feed enzymes, feed acidifiers, amino acids
and antioxidants.
Antibiotics
emerged as the leading product segment and accounted for over 36% of the total
market revenue in 2014. Nascent domestic probiotics production coupled with
animal farmer’s inclination towards antibiotics as growth promoters has been
instrumental in its growth. Increasing incidences of microbial diseases among
farm animals is expected to drive antibiotics demand over the forecast period.
Funding initiatives to develop probiotics domestically is expected to challenge
antibiotics consumption since most animal farmers prefer the latter owing to
their easy availability and cheaper costs compared to antibiotics.
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Further key findings from the study suggest:
- Vietnam animal feed additives market was USD 112.4 million in 2014 is expected to reach USD 160.5 million by 2022, growing at a CAGR of 4.7% from 2015 to 2022.
- Feed acidifiers are expected to be the fastest growing product segment over the next seven years on account of their increasing consumption in poultry feed. Shift in meat consumption from pork to poultry is expected to further drive poultry feed demand, thus further complementing feed acidifiers growth.
- Poultry was the largest application market and accounted for over 38% of the total market revenue in 2014. Increasing per capita poultry consumption is expected to be a major factor driving its growth over the forecast period. Apart from being the largest application segment, poultry is also projected to be the fastest growing application segment in the nation.
- Vietnam animal feed additives market is highly dependent on imports. Animal feed additives imports accounted for more than 77% of the overall consumption in 2012. Antibiotics were the leading product imported followed by amino acids.
- Vietnam animal feed additive exports grew by 12% from 2012 to 2014, primarily driven by growing domestic production that can be attributable to government initiatives to promote investment in domestic animal feed & feed additives market.
- Vietnam animal feed additives market is largely dominated by overseas producers who currently account for more than 70% of the total market. Easing of FDI norms to promote foreign capital has been a major factor for increasing presence of multinational companies in the regional market.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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